uae car insurance costs increase by up to 40
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

UAE car insurance costs increase by up to 40%

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today UAE car insurance costs increase by up to 40%

Comparison website compareit4me.com found that drivers owning SUVs
Dubai - Arab Today

The cost of car insurance in the UAE has surged by as much as 40 per cent on some models as motorists are forced to look at cheaper third party policies, according to a new study.
Motor insurance has risen by an average of nearly 15 per cent since January, says comparison website compareit4me.com.
Drivers are paying an average of 14.88 per cent more for their fully comprehensive car insurance in 2017 than last year after the UAE Insurance Authority introduced minimum premiums, says the website.
Under the new rules, UAE insurers must adopt minimum comprehensive insurance premiums of Dh1,300 for saloon cars and Dh2,000 for SUVs, while the minimum caps for the amount of money paid out in the event of an accident have also risen.
The website’s researchers analysed data from hundreds of insurance policies sold in the UAE in January and February 2017 and compared them with policies for similar vehicles sold a year earlier.
They found that drivers owning SUVs valued at less than Dh50,000 and buying comprehensive insurance have been hit the hardest, with premiums rising by an average of 40.59 per cent – equating to Dh618 - compared with 2016.
Drivers of saloon cars worth less than Dh50,000 are paying an average of just 9.53 per cent more for their fully comprehensive policies than they were in 2016, equating to an increase of Dh131.
"It seems that insurers have taken the new tariffs as an opportunity to raise prices across the board – not just on policies valued at below the new minimum premiums," said Jonathan Rawling, chief financial officer at compareit4me.com. "Because insurers don’t yet know how much these extra protections will cost them, it makes sense that they have raised prices for everyone."
At the same time Compareit4me.com reported that the number of customers buying third party policies rather than fully comprehensive insurance had doubled during January and February 2017 compared with a year earlier.
"This may suggest that more UAE residents are being driven towards third-party coverage, having been priced out of the ability to secure fully comprehensive policies. If this trend continues, we may see a situation in which the least affluent people in the UAE are left with inadequate financial protection," Mr Rawling added.
The increase in motor insurance is the latest blow for consumers who are being hit by rising costs with more expected to follow after the introduction of value added tax next year.
Last week Statistics Centre Abu Dhabi reported that its consumer price index for February rose by 2.1 per cent compared with the same month the previous year as higher fuel and utilities bills pushed up prices.
Experts predict that the rate of inflation will continue rising throughout 2017 and spike next year with the expected introduction of VAT.
"For 2017 we expect that the main driver of inflation will be the higher fuel prices, this will especially be the case in the first quarter. We expect annual average inflation to average around 2.4 per cent in 2017 for the UAE," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"We see inflation accelerating to around the 3.7-4 per cent level in 2018, with the introduction of VAT. The rise in prices should result in a softening private consumption in 2018," she added.

Source: The National

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae car insurance costs increase by up to 40 uae car insurance costs increase by up to 40

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae car insurance costs increase by up to 40 uae car insurance costs increase by up to 40

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more
Almaghrib Today, almaghrib today The Rake announces editorial updates

GMT 10:46 2018 Tuesday ,16 January

The Rake announces editorial updates
Almaghrib Today, almaghrib today Europe brings on charm and blue skies

GMT 11:51 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Almaghrib Today, almaghrib today For the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Almaghrib Today, almaghrib today US Christian tourists see deep meaning

GMT 13:44 2018 Monday ,22 January

US Christian tourists see deep meaning
Almaghrib Today, almaghrib today Amazon to open first cashierless shop

GMT 10:03 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 00:24 2011 Thursday ,29 September

Classic Mercedes found under computer equipment

GMT 14:06 2011 Thursday ,26 May

UAE tourism to get boost from Qatar World Cup

GMT 07:03 2017 Tuesday ,14 February

Samsung unveils Galaxy A 2017 series

GMT 22:18 2012 Monday ,06 August

eBay to offer same-day delivery

GMT 09:27 2013 Monday ,11 March

Sri Lanka bans halal food label

GMT 11:36 2017 Monday ,06 February

Iran imports 149 tonnes of uranium

GMT 22:59 2012 Saturday ,15 September

Nordstrom to expand in Canada

GMT 18:38 2013 Tuesday ,15 January

Stages of the development of education in Qatar

GMT 12:59 2015 Tuesday ,18 August

Plant from 130m years ago is among 'first flowers'

GMT 19:51 2012 Monday ,16 July

Dubai in fight against waste

GMT 08:59 2012 Thursday ,26 April

Bahia Hariri granted honour

GMT 00:52 2011 Sunday ,02 October

Cholera kills 50 children in Mogadishu

GMT 23:32 2017 Friday ,24 February

Rebirth of public hammams in West Bank

GMT 10:04 2012 Tuesday ,28 February

Africa with new rainforest Spa rituals

GMT 11:57 2016 Wednesday ,14 December

Indonesian president arrives in Tehran for talks
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday